FEDERAL RESERVE statistical release
G.17 (419)
For release at 9:15 a.m. (EDT)April 17, 1998
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production increased 0.2 percent in March; revised estimates of output now show declines of 0.2 percent in both January and February. The output of utilities jumped in March as temperatures throughout thecountry returned to more normal levels. The output of mines rose 0.2 percent, while production in manufacturing slipped0.2 percent for the second consecutive month. At 127.7 percent of its 1992 average, total industrial production in Marchwas 4.3 percent higher than it was in March 1997. For the first quarter as a whole, output grew about 1 percent at anannual rate. The rate of industrial capacity utilization decreased 0.1 percentage point in March, to 82.2 percent.Market GroupsThe production of consumer goods remained flat, as declines of 0.4 percent in the output of durableconsumer goods and of non-energy nondurable goods were offset by an increase of 3.3 percent in the output of energygoods, most notably sales of residential electricity and gas. The falloff was widespread within durable consumer goods.
(over)
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: SUMMARY
Seasonally adjustedIndex, 1992=100Percent change1997199819971998Mar. 97 to
Industrial Production
Dec.
r
Jan.
r
Feb.
r
Mar.
p
Dec.
r
Jan.
r
Feb.
r
Mar.
p
Mar. 98
Total index
127.9127.7127.5127.7.3–.2–.2.24.3Previous estimates127.9128.0128.1 .3.1.0Major market groups:Products, total121.0121.2120.9120.9–.1.2–.3.03.4Consumer goods115.9116.6115.6115.7–.6.6–.9.12.0Business equipment148.6147.6147.0146.8.8–.7–.4–.16.8Construction supplies123.2124.0125.3124.0–.3.61.1–1.01.4Materials138.9138.1138.0138.7.9–.6.0.55.6Major industry groups:Manufacturing130.9131.0130.7130.4.4.0–.2–.24.4Durable148.6148.2148.2147.9.6–.3.0–.26.6Nondurable112.9113.3112.8112.5.2.4–.4–.21.9Mining105.7107.4107.3107.5–.41.7–.2.2.7Utilities114.3110.0110.1115.4–.9–3.8.14.85.3CapacityPercent of capacitygrowthAverage1982 1988–89199719971998Mar. 97 to
Capacity Utilization
1967–97Low High Mar.Dec.
r
Jan.
r
Feb.
r
Mar.
p
Mar. 98
Total industry
82.1 71.1 85.4 82.5 83.3 82.8 82.3 82.24.7Previous estimates 83.2 83.0 82.7Manufacturing 81.1 69.0 85.7 81.6 82.3 82.0 81.5 80.95.4Advanced processing 80.5 70.4 84.2 79.7 80.5 80.2 79.5 79.16.3Primary processing 82.4 66.2 88.9 86.1 86.3 86.0 85.7 85.23.4Mining 87.5 80.3 88.0 90.6 89.4 90.8 90.6 90.8.6Utilities 87.3 75.9 92.6 87.0 89.9 86.4 86.4 90.51.2
2
The output of automotive products and furniture declined again, and the production of household appliances droppedback somewhat from the high level in February. Among non-energy nondurable consumer goods, the production of bothclothing and paper products dropped more than 1 percent.The output of business equipment slowed in the first quarter, edging down 0.1 percent in March after havingdropped 0.7 percent in January and 0.4 percent in February. Nonetheless, the production of business equipment was still6.8 percent above the level of a year ago. In March, continued strength in the production of computer and officeequipment was more than offset by decreases in the assemblies of motor vehicles and aircraft and in the output of communications equipment.The production of construction supplies declined 1.0 percent after having increased 1.1 percent in February;output remains well above its level at the end of last year. The output of materials increased 0.5 percent after two monthsof weakness, but the level of output in March was still slightly below the December level. While the production of durable and nondurable goods materials edged down, the output of energy materials increased sharply. Among durablegoods materials, the output of parts for consumer goods, which had spiked up in the fourth quarter, dropped back, onbalance, in the first quarter. Growth in the output of equipment parts, which include parts for high-technology equipment,has slowed recently.Industry GroupsThe output at durable and nondurable goods producers declined 0.2 percent. Within durables, increases incomputer and office equipment, semiconductors, and instruments were offset by weakness elsewhere. In particular, theoutput of primary metals; stone, clay, and glass products; furniture and fixtures; and transportation equipment postedsignificant losses. Among nondurable industries, production fell in every major industry, except petroleum and chemicalproducts.The operating rate in manufacturing declined to 80.9 percent. Utilization rates in advanced-processing andprimary-processing industries fell for the third consecutive month. The operating rate in advanced-processing industriesin March was 1.4 percentage points below its long-run average, whereas the utilization rate in primary-processingindustries was still significantly above its long-run average.
3
Industrial Production
(March data, seasonally adjusted)8090100110120130Consumer goods
DurableNondurable
19901992199419961998
Ratio scale, 1992 = 100
8090100110120130Intermediate Products
Construction suppliesBusiness supplies
19901992199419961998
Ratio scale, 1992 = 100
7085100115130145160175Equipment
BusinessDefense and Space
19901992199419961998
Ratio scale, 1992 = 100
7085100115130145160175Materials
Durable goodsNondurable goodsand energy
19901992199419961998
Ratio scale, 1992 = 100
758085
Capacity Utilization
Total industry
198519901995
Percent of capacity
758085
Manufacturing
198519901995
Percent of capacity
of 00
US Federal Reserve: g17
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